Solid full year result from James Hardie

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James Hardie has announced a slightly higher than expected result for the year to March 1998. Operating profit before abnormals increased 62.4% to $83.3 million due to an excellent contribution from the US (up 80%) and solid gains in Australia. The result was achieved despite a 20% decrease in sales revenue, due to divestments and a substantial increase in tax payable.

A measure of the underlying strength of the result was the fact that sales from ongoing businesses increased 28%. As expected, an abnormal loss of $41.7 million was booked due to the sale of the...

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